The economy

The economy

Operating as a single market with 28 countries, the EU is a major world trading power.

EU economic policy seeks to sustain growth by investing in transport, energy and research – while minimising the impact of further economic development on the environment.

Measuring the EU’s economy

The EU's economy — measured in terms of the goods and services it produces (GDP) — is now bigger than the US's: EU GDP in 2014:

€13,920,541 million

Trade

With just 7% of the world’s population, the EU's trade with the rest of the world accounts for around 20% of global exports and imports.

Around two-thirds of EU countries’ total trade is done with other EU countries.

Trade has been hit by the global recession, but the EU remains the world’s largest player accounting for 16.4% of global imports in 2011. The EU is followed by the United States with 15.5% of all imports, and China with 11.9%. The EU was also the biggest exporter, accounting for 15.4% of all exports – compared with 13.4% for China and the 10.5% for the United States.

Employment

Employment has also been hit by the global economic crisis, and the turbulence in the eurozone.

Research

Research and development (R&D) lies at the heart of the EU’s strategy to make its economy more competitive. The aim is to invest more to bring its R&D spending in line with that of the United States and Japan.

Transport

The proportion of journeys made by car has increased slightly since 2008 – compared with other forms of road transport (such as coaches and buses). The EU continues to support investment in and restructuring of rail transport.

In spite of the current economic crisis, global air transport looks set to expand by around 5% a year until 2030. As traffic increases, so do concerns about safety. EU aviation policy aims to make European air space the safest in the world.